（文章来源：每日经济新闻） 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从沪深市场中选取涉及基础设施建设、 专业工程及工程机械等领域的上市公司证券作为指数样本，涵盖建筑装饰和机械设备等行业，以反映中 国基建行业相关上市公司证券的整体表现。该指数具有较高的行业集中度与代表性。 天风证券指出，中央经济工作会议强调继续实施适度宽松的货币政策，预计明年将适度增加一般国债、 超长期特别国债及地方政府专项债发行，以支持基建投资。洁净室板块呈现较高景气度，亚翔集成 2025H1在手未完工合同达61.05亿元，新签大订单持续落地；圣晖集成在手订单同比增长21.21%，IC半 导体行业订单增长显著。AI带动芯片需求增长，推动洁净室配套工程需求提升。建筑板块中，部分区 域基建存在回暖预期，中西部地区如四川、新疆等地基建景气度较高，战略腹地建设需求有望带动相关 投资。 ...

Group 1 - The construction and infrastructure industry is currently valued at historical lows, with significant support from funding sources [1] - The issuance of special bonds has reached 90% of the annual quota, and special government bonds have totaled 1.8 trillion yuan, indicating strong funding support for infrastructure [1] - The construction demand in regions such as Xinjiang and Tibet is noteworthy, reflecting a high level of infrastructure activity in central and western China [1] Group 2 - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects 50 listed companies involved in infrastructure construction, specialized engineering, engineering machinery, and housing construction [1] - The index primarily focuses on the industrial sector, covering sub-sectors such as infrastructure and specialized engineering, effectively reflecting the development status of China's infrastructure industry [1]

Group 1 - The infrastructure ETF (159619) is showing positive performance, indicating a potential recovery cycle in the industry [1] - The cement sector is experiencing pressure on prices due to a decline in demand, despite policy-driven supply-side reforms that prohibit new capacity and promote the replacement of excess capacity [1] - Overall, the building materials sector is at a "policy bottom + profit bottom + valuation bottom," suggesting an opportunity for a recovery cycle in profitability as the market structure improves [1] Group 2 - The CSI Infrastructure Index (930608), which the infrastructure ETF tracks, selects listed companies involved in infrastructure construction, specialized engineering, and housing construction to reflect the overall performance of the infrastructure sector [1] - The CSI Infrastructure Index focuses on sub-industries such as construction and engineering, showcasing a high degree of industry concentration and a clear "infrastructure" attribute [1]

Group 1 - The core viewpoint of the article highlights that the infrastructure ETF (159619) has risen over 2%, driven by the construction materials sector benefiting from a "high-low switch" in funding and an optimized industry structure [1] - The consumption building materials sector is experiencing a slowdown in price wars in areas such as coatings and waterproofing, with leading companies gradually recovering profitability through price increases, while smaller firms exit the market due to declining demand, leading to a significant increase in market concentration among leading enterprises [1] - The cement sector is being supported by policy-driven supply-side reforms, which prohibit new capacity and promote the replacement of excess capacity, but there are divergences among companies due to declining demand, causing resistance to price increases during peak seasons and short-term price pressure [1] Group 2 - Overall, the building materials sector is at a "policy bottom + profit bottom + valuation bottom," and the optimization of the structure in sub-sectors is expected to initiate a profit recovery cycle [1] - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in infrastructure construction, professional engineering, and housing construction from the Shanghai and Shenzhen markets to reflect the overall performance of related listed companies in the infrastructure sector [1] - The CSI Infrastructure Index focuses on sub-industries such as construction and engineering, and building decoration, characterized by a strong "infrastructure" attribute and high industry concentration, capable of comprehensively reflecting the overall performance of enterprises in the infrastructure sector [1]

Core Viewpoint - The infrastructure ETF (159619) has seen a significant inflow of 25 million units, indicating strong investor interest in infrastructure assets amid international uncertainties such as the US-China tariff disputes [1]. Group 1: Market Dynamics - The National Development and Reform Commission announced a new policy financial tool worth 500 billion yuan, aimed at injecting capital into projects and enhancing investment stability through a combination of capital support and bank loans [1]. - The focus on domestic demand and infrastructure, particularly in high-demand sectors like water conservancy, is expected to benefit from increased government support in response to external market volatility [1]. Group 2: ETF and Index Characteristics - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in the construction and machinery sectors to reflect the overall performance of China's infrastructure construction industry [1]. - The CSI Infrastructure Index has a high industry concentration, prominently featuring leading enterprises in the sector, characterized by a strong state-owned enterprise presence and relatively low valuation levels, along with good liquidity [1].

Group 1 - The core viewpoint indicates that the construction industry is showing signs of recovery, with the business activity index rising to 49.3%, an increase of 0.2 percentage points from the previous month [1] - New orders and business activity expectation indices have improved by 1.6 and 0.7 percentage points respectively, indicating a synchronized improvement in the sector [1] - The National Development and Reform Commission has announced a total of 500 billion yuan in new policy financial tools aimed at supplementing project capital, with funds being rapidly allocated to specific projects [1] Group 2 - The construction industry is expected to see a rebound in prosperity due to the accelerated implementation of key construction projects and special bond funds [1] - The manufacturing PMI production index has reached its highest level since April 2025, with external demand improving more than internal demand, which may indirectly support the construction and decoration industries [1] - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in the construction and machinery sectors to reflect the overall performance of the infrastructure construction field in China [1] Group 3 - The CSI Infrastructure Index has a high industry concentration, clearly reflecting the "infrastructure" theme, with constituent stocks primarily consisting of leading enterprises in the industry [1] - The index has a high state-owned enterprise characteristic, relatively low valuation levels, and good liquidity [1]

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has issued a work plan for the construction materials industry aimed at stabilizing growth from 2025 to 2026, focusing on enhancing profitability through coordinated efforts on both supply and demand sides [1] Group 1: Supply-Side Measures - The work plan prohibits the addition of new production capacity and emphasizes risk warning to control total output [1] - Supply-side optimization includes upgrading traditional building materials and developing advanced inorganic non-metallic materials [1] Group 2: Demand-Side Measures - The demand side aims to tap into traditional consumption potential and cultivate emerging applications [1] Group 3: Related Financial Instruments - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in construction and engineering, as well as building decoration and machinery manufacturing, to reflect the overall performance of related securities in China's infrastructure sector [1]

Group 1 - The core viewpoint of the article highlights the positive impact of the Ministry of Finance's measures to address existing hidden debts, which is expected to influence the accounts receivable and cash flow of construction companies [1] - Western Securities points out that the Ministry of Finance has preemptively allocated part of the 2026 new local government debt limit and is utilizing debt relief quotas, which will help alleviate existing hidden debts [1] - As of H1 2025, the accounts receivable and contract assets of the eight major central construction enterprises accounted for 28.06% of total assets, indicating a significant portion of their financial structure is tied to these assets [1] Group 2 - Over 60% of financing platforms have achieved exit, indicating a rapid advancement in the reform and transformation of financing platforms within the industry [1] - The construction industry is experiencing improvements in profitability and cash flow in Q2, with the issuance of special bonds accelerating; as of September 12, 2025, the cumulative issuance progress of new local government special bonds reached 77.59%, faster than the same period in 2024 [1] - The national cement market price increased by 0.4% week-on-week, with multiple regions pushing for price hikes to improve profitability, and prices are expected to show a fluctuating upward trend in the future [1]

Group 1 - The infrastructure ETF (159619) rose over 1.6% on August 8, indicating positive market sentiment towards infrastructure investments [1] - Looking ahead to the second half of the year, the gradual implementation of special bonds and policies from the Central Urban Work Conference is expected to enhance fiscal policy support and improve financing conditions, leading to a noticeable impact on investment and physical volume [1] - There is an expectation for increased domestic demand, with infrastructure investment and key regional construction likely to receive policy boosts, suggesting that overall infrastructure investment is poised for steady growth throughout the year [1] Group 2 - The infrastructure ETF (159619) tracks the CSI Infrastructure Index, which is compiled by the China Securities Index Company and selects listed companies in the infrastructure construction sector from the A-share market [1] - The index constituents include representative enterprises from construction, building materials, and engineering machinery sectors, reflecting the overall performance of listed companies in the infrastructure industry [1] - Investors without stock accounts can consider the Guotai CSI Infrastructure ETF Initiated Linkage C (016837) and Guotai CSI Infrastructure ETF Initiated Linkage A (016836) for investment opportunities [1]

Group 1 - The world's largest span cable-stayed bridge completed key tests before opening on August 6, 2025, marking a significant milestone in major bridge engineering [1] - The construction and building materials industry is currently at the bottom of the economic cycle, but with the implementation of positive policies, the industry is expected to stabilize and recover [1] - The Central Committee of the Communist Party of China proposed to promote high-quality "two重" construction, stimulate private investment, and expand effective investment, indicating that macro policies will continue to be supportive [1] Group 2 - The current valuation of the construction sector is at a historical low, with a price-to-earnings ratio of only 8.72 times, while the building materials sector stands at 19.67 times [1] - As policy effects are released, the supply and demand situation in the industry is expected to gradually improve [1] - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies related to infrastructure construction from the Shanghai and Shenzhen markets [1]